Mr Lewis added: “Or if it’s not, you might want to keep it until any fixed or cheap deals you’re on ends, and put the money you have in savings to earn more in the meanwhile.

“Then move it when it does end because by the time it comes to remortgaging the rate will probably be higher than you can get on savings.”

Mr Lewis has urged homeowners to check their mortgage after the Bank of England raised interest rates for the fourth consecutive time last week.

The consumer expert said those on variable tariffs have around 30-days to shop around before their bills rise, while others on soon-to-expire fixed deals may want to consider locking in a new tariff now.